All Forum Posts by: Jordan Kim

@James Masotti Thanks James.

@Kerry Boyle  Just suits me better.  I have GC and realtor that I work with there.  As well as my capital situation.

@Eric Armstrong  Thanks Eric, I will check it out.

Hi Everyone,

I have now just finished my 3rd flips in Delaware area.  So far I only used my own money to do flips.  But I am thinking about using hard money to do next project.  Do you guys know any good hard money lenders I can work with?  And what would be the typical terms for using hard money?  Btw.  I have about 100K capital that I work with.  Thanks for helping out!

@Russell Brazil  Thank you for your advice Russell.  :)

@Joel Owens  Thanks for the good advice.  I do agree it is a small space, but my initial search (engineering study from previous owner) indicated that you can build about 1200sf retail building with about 8 parking spaces with this particular zoning.  And Price of 250k to 300k was estimated previously from two different commercial broker without any of my hopeful wishes ;) being added.  I may consider Cell tower or billboard later, but I prefer not to since having a retail building is more desirable.  

I do not have a huge problem holding on to it, but I prefer to either sell it or build a small retail building.  One possible scenario is to have a investor come in to build a building, and go partnership(?) since I owned the lot.  I will have my loan completely paid off in 6 month.

@Bethanie Kollbaum Thank you Bethanie!

@Russell Brazil Thank you for the quick reply.  Yes that would be an option also.  Do you happened to know any good commercial broker who may do a good job at marketing this land?   Land was estimated at $250k to $300k even though it is small.  But not many commercial broker seems to be  interested because due to relative small commission compares to millioin+ dollars listings.

Hello Everyone,  I need help on what to do with my commercial land in Odenton, MD.  It is located on Rt 175 right front of Ft. Meade, Maryland.  It is a little less than 1/4 acre between Dunkin Donut and BP gas station.  It is zoned for pretty much any retail and office use.  It is in redevelopment area, and has good potential, but it's drawback is size (only 0.22 AC).  Currently, I do not have enough money to build a building myself due to financial difficulty I had about 5 years ago. Although I am financially OK now, I will have hard time getting any construction loan.  My other option is to sell using a commercial broker, but these guys are seemed only interested in selling at least million dollars plus project.  I hired a small commercial broker, but all he did was putting it on the online listing, and put a sign at the property.  I know it takes time to sell commercial land, but I am getting very frustrated.  Any advise?  Thoughts? Ideas?  Below is the map/pic of the location.

https://www.google.com/maps/@39.104607,-76.7221145,3a,75y,73.01h,85.14t/data=!3m6!1e1!3m4!1snJ7AAQgHWmU5bRx58g4X-w!2e0!7i13312!8i6656

Thanks!

Hi Jason,  I would be nervous too.  I am not sure it is a good idea for you to take on a such risky flip since you never done a flip before.  When you are working with high end property, there are many thing that can go wrong.  Everything will be have high $ signs, closing cost, holding cost, and commission, etc.  And as Robin said it may take some time to sell it too because of limited buyers.  And rehab/remodel should be done in very tasteful way to attract the buyers.  And I don't think it will be an easy flip for a beginner.   Please don't get me wrong.  I am not trying to give you a negative vibe.  Just PLEASE be careful.  Consult with honest and knowledgable realtor and contractors before you pull the trigger.